Philadelphia, Pennsylvania Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Philadelphia, Pennsylvania rental market.
Highlights
An apartment for rent in Philadelphia, Pennsylvania typically goes for $1,896 per month, while a single-family home for rent in Philadelphia, Pennsylvania has a monthly cost of around $2,090. Renter-occupied units make up 47% of the local housing market, while the rental vacancy rate in Philadelphia, Pennsylvania is at 5.6.
Philadelphia, Pennsylvania
Average Apartment Rent in February 2023
$1,896
Y-o-Y Change in Average
Apartment Rent
4.4%
Average Single-Family Rent in February 2023
$2,090
Compared to a year ago, Philadelphia, Pennsylvania apartments have recorded a 4.4% rent increase.
Philadelphia, Pennsylvania |Average apartment rent trend
Philadelphia, Pennsylvania| Average apartment rent
Philadelphia, Pennsylvania | Apartment rent ranges
At 31.61%, apartments priced $1,000 - $1,500 represent the bulk of Philadelphia, Pennsylvania rentals, while condos priced $500 - $700 hold the lowest share of the market – 0.25%.
Philadelphia, Pennsylvania | Housing tenure**
Renters take up 47% of Philadelphia, Pennsylvania real estate, occupying a total of 289,341 units, while homeowners live in 323,784 properties.
Median number of rooms of renter-occupied housing units**
4.1
Renter median household income**
$36,648
Average household size of renter-occupied housing units**
2.34
Rental vacancy rate**
5.6%
Philadelphia, Pennsylvania | Renter-occupied housing units by no. of bedrooms**
There are 84,681 rentals in Philadelphia, Pennsylvania with 1 bed making up the highest share of the market, at 29%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 4,135 units. Overall, the median number of rooms in Philadelphia, Pennsylvania homes for rent is 4.1.
Philadelphia, Pennsylvania |Renter-occupied units by age of householder**
Most condos for rent in Philadelphia, Pennsylvania are occupied by residents in the 25 - 34 years age group (33%), followed by those in the 35 - 44 years age group (18%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Philadelphia, Pennsylvania | Renter-occupied housing units by family type**
Philadelphia, Pennsylvania | Renter-occupied housing units by the presence of own children**
A total of 126,222 apartments for rent in Philadelphia, Pennsylvania, or 44% of all rentals are family households. Additionally, 26% of rental homes include children under the age of 18 – that’s 76,322 units. All in all, the median size of a renter-occupied household in Philadelphia, Pennsylvania is 2.34.
Philadelphia, Pennsylvania | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 34% of the rental market. In contrast, residents with less than a high school degree reside in 13% of the homes for rent in Philadelphia, Pennsylvania.
Philadelphia, Pennsylvania | Renter-occupied units by year structure built**
The highest share of Philadelphia, Pennsylvania apartment rentals, namely 37% or 106,686 units, were Built 1939 or earlier, followed by those Built 1950 - 1959 (14%, 40,093 units), and the ones Built 1960 - 1969 (11%, 32,667 units).
Philadelphia, Pennsylvania | Renter-occupied units by year householder moved in**
Median year renter moved into unit2015
Most Philadelphia, Pennsylvania renters (47%) moved in 2015 to 2016, while only 4% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Philadelphia, Pennsylvania condos for rent is 2015.
Philadelphia, Pennsylvania | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 44% of Philadelphia, Pennsylvania renters have 1 vehicle available per household, 41% of them have No vehicle available, and 13% have 2 vehicles available.
Philadelphia, Pennsylvania | Means of transportation to work of householders living in renter-occupied housing units**
Philadelphia, Pennsylvania |Geographical mobility in the past year for householders living in renter-occupied housing units**
Philadelphia, Pennsylvania | Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Philadelphia, Pennsylvania apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2020 American Community Survey 5-Year Estimates
